Inner Mongolia propels group innovation space

(chinadaily.com.cn)

Updated: 2015-12-01

Inner Mongolia is encouraging group innovation spaces to help the people start businesses and make innovations, according to the government’s recently-released recommendations.

Group innovation space is a kind of service platform combining incubators and maker space for start-up businesses and innovation, usually with lower costs and shared resources.

To motivate entrepreneurship and innovation, corresponding governmental units are urged to support group innovation spaces through measures such as subsidies and awards. The government also urges them to support their basic public services and professional services, to create a well-ordered environment for their development.

These recommendations encouraged financial organizations such as banks and bonding companies to offer financial services for these innovation spaces. Local governments ,must establish risk compensation mechanisms for loans of science and technology.

The government plans to establish 100 such spaces, covering the region’s advantageous and strategic emerging industries.